- Bitcoin price prediction shifts to neutral as bulls sustain momentum
- BTC/USD holds onto $16,000 despite repeated rejections above $16,400
- Lower support near the $15,750 region provides yet another accumulation opportunity
Bitcoin price movement in the last 24 hours – Bulls are resilient to defend $16,000
As BTC/USD crosses $16,000, crypto analysts are increasingly optimistic about higher price levels. At the same time, bears are readying their worst-case scenarios in case the tables turn. Whether Bitcoin‘s price will rise or a potential correction is on the way, the jury is still out there on the immediate Bitcoin price prediction.
Bitcoin price has closed above $16,000 for two successive days. Bulls are resilient in their momentum and leaving no chance for the bears to rise. Analysts share different viewpoints on where the BTC/USD is headed next, especially in the short term.
Bulls are excited about the positive macro developments and hope the current trend will continue till the year-end. Still, the oversold hourly charts reflect an overheated rally as the technical indicators flash red.
Bitcoin price in the last 4-hours clinches onto $16,000 mark
Bitcoin price prediction has been stagnant in the last 4 hours as the price oscillates between the $15,800 and $16,180 range. The bulls have led recovery to keep the price above $16,000 to maintain the momentum. The next technical resistance stands at the $17,200 level.
The moving averages slope upwards towards the higher end of the price channel. The ‘Relative Strength Index’ is now close to overbought levels on the hourly timeframe. Bulls are in command due to rising volume, and the pair can move towards the $16,650 range if the weekend’s thin trading permits. The current stagnation between the $16,100 to $15,700 range will likely turn into an accumulation stage.
Traders must remain cautious if the BTC/USD pair repeatedly rejects the $16,000 level. The inability to sustain above the $16,000 level can quickly turn Bitcoin price prediction bearish. The pair can slide towards the $14,550 mark where the 20-day moving average resides. Such a move will indicate no buying at lower levels, and bulls are not accumulating anymore.
BTC/USD 4-hour chart – Technical indicators promise higher levels
Looking at the Bitcoin 4-hour chart, one can observe the long-term rally at play despite the setbacks on the hourly charts. The RSI has come down towards 54 due to stagnant price action. The MACD is sloping downwards towards the 112 level, indicating that bulls have weakened their resolve to push the pair higher. At the same time, the technical indicators signify the bulls have a fair amount of room upwards if they can maintain the volume and momentum to push Bitcoin price prediction higher.
The derivatives markets show that excessive leverage is yet to hurt the bullish Bitcoin price prediction. Traders are still in a relatively safe zone as far as spot and derivatives markets are concerned. The lower support at $15,700 has held pretty well in the past 24 hours, helping the pair bounce upwards to $16,185. Bulls have managed to defend the pair near or above $16,000 for the past 12 hours.
The rising activity reflects the exuberance of the crypto community
There has been a uniform rise in trading and investing activity across the spectrum, including spot, exchanges, derivatives, and large institutional investments. Bitcoin and other altcoins have seen consistent growth due to rising demand from investors. The uptick is sending various altcoins towards fresh all-time highs.
Additionally, the retail-related crypto sources are also reporting a rise in volume. Market participants are displaying a renewed ‘Open Interest.’ The significant surge in crypto activity has contributed well to the buoyancy in BTC/USD. CryptoQuant attributes the increase to BTC whales and large institutional investors, especially the high net-worth investors.
A rising trading volume and regular flow of stablecoins all support the bullish Bitcoin scenario. The breakout above $16,000 will be sustained by a rising flow of stablecoins into the exchanges. The medium-term trend of Bitcoin certainly looks bullish.
Understanding the bull scenario for Bitcoin
Bitcoin is confidently trading above $16,000, supported by a buoyant bull rally and fuelled by rising volumes. IntoTheBlock reports that the coin is likely to face minimal resistance in its journey towards the $18,750 mark. Next, the historic $20,000 would come into the picture bringing back memories from 2017.
The on-chain data and market order book suggests that the $15,170 region is beginning to emerge as a healthy support level on the daily charts. Close to 465,000 Bitcoins have been purchased around the $15,170 price area by more than 860,000 BTC addresses. Therefore, the area will serve as a foundation for the next rally higher.
Bitcoin price prediction conclusion – Bulls have things under control, for now
Technical Bitcoin price prediction suggests that there’s considerable fuel left in the current rally. Bitcoin bullish momentum is too strong now to warrant a deep pullback. Moreover, the ‘Fear-of-Missing-Out’ will propel this rally further, and new traders and investors discover the rising BTC strength. The staircase rally may witness a rejection at higher levels, possibly around $17,000 first and then again at $18,000 to support bullish Bitcoin price prediction.
Still, the possibility of a consolidation phase cannot be ruled out as the bullish rally fizzles out due to minor profit booking. The Bitcoin price prediction can stagnate near the $16,000 range. The FOMO buyers can vanish quickly as the exuberance wanes, and the price can crash to lower support levels.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.